BREAKING:AOL reported a 23% increase in net profit for the quarter, slightly below Wall Street’s expectations, with higher advertising revenue offsetting a slowdown in the company’s traditional subscriptions business. Hollywood Reporter notes that this is the first time in five years that AOL has reported growth in all of its advertising units. But Patch, AOL’s controversial local news service, continued to soak up money during the quarter, All Things D notes.

PARKS & RECREATION: Disney reported a 32% jump in first-quarter profit, with ESPN, theme parks and a more stable movie business driving growth. One visible sore sport, TV network ABC, which like other broadcasters has faced lower ratings this season and slowing ad revenue. CEO Bob Iger said he’d like to make the network business less dependent on acquired content. “We could use a few more hits and hits that we own.” He also said it is doubtful that the Interactive studios business will turn a profit this year, as Disney originally hoped. Variety notes that Disney stock has hit an all-time high this month. More from New York Times.

BATTLE BREWING: Former News Corp. executive Tom Mockridge has been tapped by John Malone’s Liberty Global to lead U.K. pay-TV operator Virgin Media. With Mr. Mockridge, Liberty is tapping a veteran pay-TV executive who was previously CEO of News Corp.’s European pay-TV business as well as head of News Corp.’s Sky Italia, Variety reports. His new role, however, puts him in direct competition with News Corp.’s BSkyB, a U.K. pay-TV operator in which News Corp. owns a minority stake, the FT notes. Read More »